Jhunjhunwala's favourite stock to be included in Nifty50
Bajaj Finserv, Grasim Industries and Titan Company will replace Ambuja Cements, Aurobindo Pharma and Bosch
The National Stock Exchange (NSE) has been rejigging indices to include Bajaj Finserv, Grasim Industries and Titan Company, in which ace investor Rakesh Jhunjhunwala and his wife Rekha have combined 8.45% stake, into the benchmark Nifty 50 from April 2.
These stocks will replace Ambuja Cements, Aurobindo Pharma and Bosch. This exercise will also be applicable to Nifty 50 Equal Weight Index, an exchange statement said.
The scam-hit Punjab National Bank (PNB) will be out of the NSE's Nifty Midcap 100 index from April.
Bajaj Finserv, Grasim Industries and Titan Company will find a place in the Nifty 50 index.
The changes were announced yesterday by India Index Services and Products (IISL), an arm of the NSE as part of its periodic review.
Changes will be effective from April 2, 2018.
PNB is among the 46 companies that will be excluded from the Nifty free float Midcap 100 index (to be renamed Nifty Midcap 100) from April.
PNB's stock has been battered in the past few trading sessions following the revelations of the Rs 11,400 crore fraud involving billionaire jeweller Nirav Modi and others.
Bajaj Finserv, Tata Power, Titan Company, GlaxoSmithkline Consumer Healthcare, Glaxosmithkline Pharmaceuticals, Glenmark Pharmaceuticals and Torrent Pharmaceuticals would also be excluded from Nifty Next 50 index.
These firms would be replaced by Aditya Birla Capital, Ambuja Cements, Aurobindo Pharma, Bosch, General Insurance Corporation of India, L&T Finance Holdings and SBI Life Insurance Company.
(With agency inputs)